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Ping An’s Fintech Unit Considers S’pore Digital Banking License, Sees “Massive Opportunities”

According to an article on Bloomberg, a fintech unit of Chinese healthcare firm Ping An Insurance (Group) Co. is looking into applying for one of Singapore’s new digital banking licenses.

OneConnect, which just received a virtual banking license in Hong Kong, is “looking to secure a wholesale license that would allow it to provide banking services to small and medium-sized businesses on the island”.

Said a representative of OneConnect over WeChat: “With the central bank opening up the virtual banking space in Singapore, OneConnect as part of its usual business is reaching out to organisations that are interested in virtual banking solutions.”

OneConnect also “sees massive opportunities in the new virtual banking space that reaches out to the underserved segment in Singapore”.

However, the representative did not comment directly on the possibility of license application.

The Monetary Authority of Singapore (MAS) will be issuing up to five new digital bank licenses, with the hope that the new digital players will “add diversity and strengthen Singapore’s banking system in the digital economy future”.

Featured Image Credit: Reuters

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